Does The Real Kowloon In China Look Like The Kowloon In Shenmue II With All Those Decrepit Old Skyscrapers?

Yes.

Yep. That’s how I remember it too.

Hooray! Hong Kong! I live here..

Yes it does, and it reminded me of blade runner with less rain.

Yes,my moronic friends, life is just a boring 3D video game.

Kowloon is part of central Hong Kong and is indeed made out of skyscrapers. Many of them are old, but others are new and not at all decrepit.

To get an idea, you could look at some pictures from Mong Kok in central Kowloon:
http://en.wikipedia.org/wiki/Mong_kok